Formal:
* J'habite près de mon école. (This is the most direct and common translation.)
Informal:
* J'habite pas loin de mon école. (This means "I live not far from my school" and sounds more natural in everyday conversation.)
More specific:
* J'habite à côté de mon école. (This means "I live next to my school.")
* J'habite dans le quartier de mon école. (This means "I live in the neighborhood of my school.")
The best way to say it depends on the context and your level of formality.